TIDMEEE
RNS Number : 4129X
Empire Metals Limited
26 April 2023
Empire Metals Limited / LON : EEE / Sector: Natural
Resources
26 April 2023
Empire Metals Limited
("Empire " or "the Company")
Grant of Exploration Licence for the Walton Copper-Gold-Lithium
Project and Issue of Shares
Empire Metals Limited (LON: EEE), the AIM-quoted resource
exploration and development company, is pleased to announce the
granting of the Exploration Licence for the Walton
Copper-Gold-Lithium Project ("Walton") located in Western
Australia, in which Empire holds a holds a 70% interest.
Highlights
-- Walton is a highly prospective copper, gold and lithium
exploration project located in the underexplored Yerilgee
greenstone belt within the Southern Cross domain.
-- T he Yerilgee greenstone belt is part of the 2.9 Ga Western
Yilgarn greenstone succession , host to world-class volcanic-hosted
massive sulphide (VHMS) systems such as Golden Grove and Cobre
Ltd's emerging Perrinvale Project.
-- Limited previous shallow surface exploration has been
undertaken on the project area and Empire expects to mobilise its
exploration team in June-July this year to commence surface
soils/auger sampling and geological mapping.
-- Exploration at Walton will be undertaken in parallel with
work at the Company's priority Pitfield Copper Project following
completion of a maiden reverse circulation drilling programme
(announced 24 April 2023).
Shaun Bunn, Managing Director, said: "I am pleased to announce
that the Exploration Licence for Walton has been granted and that
we can commence reconnaissance work on the ground to help confirm
the prospectivity of this region for gold, base metal and lithium
discoveries.
"The April 2022 acquisition of a 70% interest in Walton, along
with the Pitfield and Stavely Projects, has transformed Empire into
a significant copper-gold-lithium explorer in Australia, and along
with the existing Eclipse and Gindalbie projects has created four
highly prospective, geologically diverse exploration camps covering
2,155km(2) .
"We are now planning a field geological mapping and soil
sampling programme at Walton which we expect to commence over the
coming months, with the aim of identifying potential drill
targets."
The Walton Copper-Gold Lithium Project
Location and Regional Geology
Walton is comprised of a single Ex ploration Licence (E 16/545)
c overing 163km(2) . Walton is located in the under-explored
Yerilgee greenstone belt, which is part of the Southern Cross
domain, and lies 475 kilometres north-east of Perth (refer Figure
1). Access is via the town of Southern Cross, which lies on the
Great Eastern Highway, the major transport route between the West
and East coasts of Australia, and then on well maintained regional
roads.
Figure 1. Location of Walton Project within the Yilgarn Craton of Western Australia.
Local Geology and Historical Mining Activities
The Yerilgee belt comprises a s equence of high-magnesium
basalts, ultramafic volcanic rocks, sedimentary rocks and granites
including iron formations. It is p art of the 2.9 Ga Western
Yilgarn greenstone succession that hosts the world-class Golden
Grove VHMS system, and a number of other emerging VHMS prospects
such as Cobre Ltd's Perrinvale Project and Dreadnought Resources'
Strickland Project (refer Figure 2.) Cobre's drilling at the
Schwabe Prospect at Perrinvale, which lies to the north of Walton,
has outlined an initial resource of 272Kt at 1.6 % Cu, 1.2 % Zn,
0.04 % Co, 0.04 % Pb, 6.3 g/t Ag & 0.4 g/t Au . In addition to
VHMS, there is potential for orogenic gold associated with major
belt parallel shear zones and lithium-bearing pegmatites which are
common in the higher metamorphic grade terrains of the Yilgarn
craton.
Figure 2. Aeromagnetics of the Southern Cross province showing
location of Walton tenement in relation to existing mines and
recent discoveries.
Recent exploration success in the region also includes:
-- Spectrum Metals' high-grade Penny North discovery which led
to a takeover of Spectrum Metals by Ramelius Resources in 2020.
Ramelius Resources is mining the Marda gold operation in the
greenstone belt immediately to the west of Yerilgee; and
-- Red Dirt Minerals discovery of lithium-cesium-tantalum (LCT)
pegmatites at its flagship Mt Ida Lithium Project, located to the
north of Walton, which has a current Mineral Resource of 12.7Mt at
1.2% Li(2) O.
Future Work Planned
Limited previous shallow surface exploration has been undertaken
on the project area and the historical geological database is under
review ahead of the Company commencing its own site-based
exploration activities with the objective of identifying copper,
gold or lithium drilling targets.
The Company expects to mobilise its exploration team in
June-July to commence surface soils/auger sampling and geological
mapping.
Completion and Issue of Equity
The consideration payable for the acquisition of the Pitfield,
Walton and Stavley projects (the "Projects") was agreed at the time
of the initial acquisition as announced on 6 April 2022. The
consideration is satisfied by the issue of 16,835,588 new ordinary
shares in Empire (the 'Consideration Shares') apportioned equally
between each Project and issued upon the grant of the relevant
Tenement comprising each Project.
Following completion on Walton, 5,611,863, Consideration Shares
have been issued. The remaining one third of the Consideration
Shares will be at the time that the Stavely licence is granted.
Application for Admission
The 5,611,863 Consideration Shares will rank pari passu in all
respects with the existing ordinary shares of no-par value in the
capital of the Company. Application will be made to the London
Stock Exchange for the new shares to be admitted to trading on AIM
('Admission'). It is expected that Admission will become effective
on or around 3 May 2023.
Following Admission of the new shares as described above, the
issued share capital of the Company will consist of 488,491,035
ordinary shares of no-par value. 488,491,035 represents the total
number of voting rights in the Company and may be used by
shareholders as the denominator for the calculations by which they
can determine if they are required to notify their interest in, or
a change to their interest in the Company under the Financial
Conduct Authority's Disclosure and Transparency Rules.
**ENDS**
For further information please visit www.empiremetals.co.uk or contact:
Empire Metals Ltd Tel: 020 4583 1440
Shaun Bunn / Greg Kuenzel
S. P. Angel Corporate Finance LLP Tel: 020 3470 0470
(Nomad & Broker)
Ewan Leggat / Adam Cowl
-------------------
Shard Capital Partners LLP (Joint Tel: 020 7186 9950
Broker)
Damon Heath
-------------------
St Brides Partners Ltd (Financial Tel: 020 7236 1177
PR)
Susie Geliher / Ana Ribeiro / Max
Bennett
-------------------
About Empire Metals Limited
Empire Metals is an AIM-listed (LON: EEE) exploration and
resource development company with a project portfolio comprising
copper and gold interests in Australia and Austria.
The Company's strategy is to develop a pipeline of projects at
different stages in the development curve. Its current focus is on
the Pitfield Project in Western Australia, which has demonstrated
strong potential to be a new "Giant" copper mineral system. The
Company is also advancing the Eclipse-Gindalbie Project in Western
Australia, which is prospective for high-grade gold and also
kaolin, which is used extensively in a number of industries and is
considered to be a desirable feedstock for the production of
high-purity alumina - an essential component in lithium-ion
batteries.
The Company also has two further exploration projects in
Australia; the Walton Project in Western Australia, and the Stavely
Project in the Stavely Arc region of Victoria, in addition to three
precious metals projects located in a historically high-grade gold
production region in central-southern Austria.
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END
DRLDZGZDMKRGFZM
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April 26, 2023 02:00 ET (06:00 GMT)
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